Archive Press Release
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Environmental Lubricants Manufacturing, Inc. Release date: August 24, 2007
ELM, Inc. Earns Spot on Inc. Magazine's Prestigious Inc. 500 Enviromental Lubricants Manufacturing, Inc. (ELM) - Plainfield, Iowa
Environmental Lubricants Manufacturing, Inc. (ELM) has been identified by Inc. Magazine as one of the top 500 companies on the magazine's prestigious Inc. 500 list. Each year the magazine ranks the 500 fastest-growing private companies in America. This year the list was expanded to 5,000 companies, but ELM made the top cut at No. 470; and one of 25 companies featured in the current issue.
In 2000, ELM became the first exclusively biobased lubricants and grease manufacturing company in the U.S. Between 2002, when the company began production of industrial lubricants and greases, and 2006, the company saw a tremendous rate of growth, says Lou Honary, co-founder and board chairman of ELM.
ELM's technology was created through 10 years of research and development activity at the University of Northern Iowa's National Ag-Based Lubricants (NABL) Center (formerly the ABIL Research Program). Honary and the University Research Foundation formed ELM as a company focused on the production and manufacturing of U.S.-grown soybean oil-based industrial lubricants.
"The concept of spinning off university research into commercial ventures is not new, but ELM had to deal with several major obstacles, Honary said. "First, petroleum prices were low and biobased lubricants were more expensive; second, the products were new and the customers needed a learning period before acceptance; and finally there was no mandate or incentive for using the more expensive environmentally friendly lubricants.
"But, the public's interest in alternatives to petroleum, and the effects of 9-11 and Hurricane Katrina on petroleum prices changed attitudes and created an opportunity for the company to see sales take off."
Dennis Clark, an investor in the company, says he got excited about ELM when his company purchased some of ELM's soy-based metalworking fluids. Clark owns a metal machining company that uses metal cutting fluids.
"I realized the benefits of these products were such that with proper marketing and support, the company could see great growth," he said.
According to Honary, the past year was difficult with some loss of business coupled with a fire in its production facility in March. But, the new fiscal year started positively in July, with sales recovering and, now, the Inc. recognition.
"The company has started its eighth year on the right foot," Honary said, "and is exploring its options for the future, including joining forces with other market leaders to expand the sale of biobased products nationwide.
ELM markets over 40 industrial biobased lubricants and greases. For more information on ELM products see www.elmusa.com. For more information about Inc. Magazine, visit www.inc.com |
